지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2005.11
- 수록면
- 131 - 159 (29page)
이용수
초록· 키워드
오류제보하기
This paper argues that the limited ability to help developing countries in a crisis should shift the focus to policies helping in reducing the ex ante probability of crisis. Indirectly, such policies would also alleviate the depths of realized crisis. Two specific ideas are explored:
International reserves escrow accounts: Managing international reserves provides an effective mechanism for self insurance. The hazard of this mechanism is that international reserves are easy prey for opportunistic policy makers in polarized countries characterized by political instability (see Aizenman and Marion (EJ, 2004)). This hazard may be alleviated by escrow accounts run by the International Financial Institutions (IFIs), where part of the international reserves of a country are saved and would be used if pre-set conditions, like large TOT deteriorations, are met. The IFIs may offer a subsidized return on these escrow accounts in order to encourage countries to reduce external borrowing and to increase fiscal savings. Such subsidies are welfare improving due to the over borrowing bias induced by sovereign risk.
IFIs as lenders of last resort to finance fiscal reforms: I illustrate this possibility in a modified version of Cukierman, Edwards and Tabellinis (AER, 1992) model. I identify conditions where IFIs function as the lenders of last resort, financing fiscal reforms. IFIs financing may shift the equilibrium from an inefficient outcome with a low tax base and high inflation to a superior outcome, associated with a more sound tax system.
International reserves escrow accounts: Managing international reserves provides an effective mechanism for self insurance. The hazard of this mechanism is that international reserves are easy prey for opportunistic policy makers in polarized countries characterized by political instability (see Aizenman and Marion (EJ, 2004)). This hazard may be alleviated by escrow accounts run by the International Financial Institutions (IFIs), where part of the international reserves of a country are saved and would be used if pre-set conditions, like large TOT deteriorations, are met. The IFIs may offer a subsidized return on these escrow accounts in order to encourage countries to reduce external borrowing and to increase fiscal savings. Such subsidies are welfare improving due to the over borrowing bias induced by sovereign risk.
IFIs as lenders of last resort to finance fiscal reforms: I illustrate this possibility in a modified version of Cukierman, Edwards and Tabellinis (AER, 1992) model. I identify conditions where IFIs function as the lenders of last resort, financing fiscal reforms. IFIs financing may shift the equilibrium from an inefficient outcome with a low tax base and high inflation to a superior outcome, associated with a more sound tax system.
목차
Abstract
The Chad - Cameroon Petroleum Development and Pipeline Project:
1. INTRODUCTION
2. INTERNATIONAL RESERVES ESCROW ACCOUNTS
3. DESIGNING AND FINANCING FISCAL REFORMS
4. CONCLUDING REMARKS
REFERENCES
참고문헌 (5)
참고문헌 신청
Aizenman, J , 2004 , International Reserve Holdings with Sovereign Risk and Costly Tax Collection : 569 ~ 591
Aizenman, J , 200January , Reserve Requirement on Sovereign Debt in the Presence of Moral Hazard on Debtors or Creditors? : 107 ~ 132
Baro , 1979 , On the Determination of the Public Debt Journal of Political Economy : 940 ~ 971
Boyd , 1994 , How Goods are Standard Debt Contracts? Stochastic versus Nonstochastic Monitoring in a Costly State Verification Environment Journal of Busines : 539 ~ 561
Cukierman, A , , Seigniorage and Political
Aizenman, J , 200January , Reserve Requirement on Sovereign Debt in the Presence of Moral Hazard on Debtors or Creditors? : 107 ~ 132
Baro , 1979 , On the Determination of the Public Debt Journal of Political Economy : 940 ~ 971
Boyd , 1994 , How Goods are Standard Debt Contracts? Stochastic versus Nonstochastic Monitoring in a Costly State Verification Environment Journal of Busines : 539 ~ 561
Cukierman, A , , Seigniorage and Political
함께 읽어보면 좋을 논문
논문 유사도에 따라 DBpia 가 추천하는 논문입니다. 함께 보면 좋을 연관 논문을 확인해보세요!
-
북한 체제전환과 국제금융기구의 기술원조 방안 : 중국, 베트남 사례에 비춰본 수용방식과 효과문제를 중심으로
현대북한연구
2009 .08
-
Demand for International Reserves : A Case Study for Korea
Korea and the World Economy
2007 .05
-
Short-Term External Debt and Fear of Losing International Reserves
Korea and the World Economy
2012 .12
-
전자상거래에서 에스크로 서비스업자의 의무와 책임에 관한 고찰
인터넷전자상거래연구
2009 .03
-
Signaling Credibility - Choosing Optimal Debt and International Reserves
Korea and the World Economy
2009 .04
-
여행자 피해예방을 위한 에스크로 서비스 도입에 관한 탐색적 연구
관광연구저널
2013 .06
-
국제무역거래에서 Escrow 결제방식의 활성화 방안에 대한 연구
무역상무연구
2020 .08
-
The Political Economy of Reserve Accumulation in the Developing World
국제정치논총
2006 .12
-
Does Developing Asia Have Too Much Foreign Exchange Reserves? An Empirical Examination
Korea and the World Economy
2010 .04
-
지방재정의 위기 극복을 위한 건전성 확보방안
한국사회과학연구
2012 .06
-
이명박 정부의 지방재정 관련 정책의 평가와 과제
한국지방재정논집
2012 .12
-
이슬람금융회사의 회사지배구조 서설
경영법률
2012 .01
-
내국신용장(Local L/C)에 Escrow 결제시스템 적용 방안
무역학자 전국대회 발표논문집
2005 .08
-
Institutional and Political Dimensions of Fiscal Federalism in the Multilevel Government, the U.S. Case
세계지역연구논총
2007 .01
-
전자상거래상의 인터넷 에스크로 서비스의 규제에 관한 연구
Journal of Information Technology Applications & Management
2004 .06
-
금융위기에 있어서 재정건전성 대책방안 : 미국 금융위기 이후의 일본에서의 논의와 실태를 중심으로
한양법학
2010 .05
-
지방재정 위기관리체계 쟁점과 개선방향
서울연구원 정책과제연구보고서
2017 .01
이 논문의 저자 정보
최근 본 자료
댓글(0)
0
UCI(KEPA) : I410-ECN-0101-2009-320-015344023